Unlike European cereals, rapeseed prices continued to rise on the European futures market, both at the close and at the opening on 19 September 2024. The tonne of rapeseed thus closed on 18 September 2024 at €465.75 for the November 2024 maturity (+€2.75 compared to the previous close) and at €468.00 (+€3.00) for the February 2025 maturity. It opened this morning at €468.50 (+€2.75) for the November 2024 maturity and at €471.00 (+€3.00) for the February 2025 maturity.
The price of rapeseed in Europe is rising, as is the case for Canadian canola, which is “at its highest level in two weeks in Winnipeg against a backdrop of short-covering,” Argus Media points out in its daily note published on September 19, 2024.
US soybeans hesitant
After a volatile session, soybean prices closed lower on the Chicago Stock Exchange. Traders were eagerly awaiting the weekly update of export sales figures published by the European Union’s agricultural ministry (USDA) amid a strong harvest. A Reuters survey of analysts forecast sales of between 0.5 million and 1.6 million tonnes for the 2024-2025 season.
In Brazil, September soybean exports are expected to be 5.83 million tonnes, up from last week’s estimate of 5.51 million tonnes. Sitagri notes: “For reference, exports in September last year totalled 6.4 million tonnes.”
Audrey Dibet